Trident's Q1FY18 EBITDA margin was better than our estimates; however, sales growth was slightly below forecast on lower than expected towel volumes. Trident's sales stood at Rs12,785 mn (-7.1% QoQ, + 3.7% YoY). Nevertheless, EBITDA margin was ~300 bps above our estimate at 21.8% (+209bps QoQ, -27 bps YoY) on stronger-than-expected margins in Paper business. Margin improvement was led by Paper & Chemicals division with EBIT margin of 35.6% (+1082bps QoQ, +718 bps QoQ) on lower raw material costs. However, plant utilization was lower at 83% (89% in FY17) due to weak demand....